New Currency Law July 2014 ?

[Carole]

Can someone explain in simple terms this new currency law going into effect July 2014?

I keep seeing items that it signals the collapse of the dollar, but have not found a good explanation of it yet? The word "devastating" appears with the mentions of it.

So, does it all hit the fan in July ????

Thanks for any good info.

 

[HVACTech]

here ya go.



http://www.ronpaulforums.com/showth...4-Coming-To-America-On-July-1&highlight=fatca

 

[P3ter_Griffin]

I don't think it will cause any currency crisis-- the information gathering and tax will apply whether you are holding US dollars, Swiss Francs, stocks, bonds, etc in other countries-- so I don't see it as reason for people to flee the dollar. If anything, with people losing their "tax shelters" (if I may call it that), I would think it'd likely result in money returning to the US- which is probably the reasoning for the law. It is though another good reason to expat, and the people who will be directly affected by this are the people who have the means to ex-patriot.

 

[Zippyjuan]

It is an attempt to keep people (and business) from trying to shelter money overseas to avoid US taxes.

 

[oyarde]

It is destructive , more tax police & theft , with holding , discouraging transactions . Will probably lead to more underground payments using other methods .

 

[thoughtomator]

It will lead to no one wanting to do business with Americans, beyond the existing problems with NSA spying.

 

[oyarde]

It will lead to no one wanting to do business with Americans, beyond the existing problems with NSA spying.

That is true , it will cut down on Americans wanting to make transactions and anyone wanting transactions with us .

 

[eduardo89]

It will lead to no one wanting to do business with Americans, beyond the existing problems with NSA spying.

Actually banks will bitch about having to comply with FATCA but will do it anyway.

 

[oyarde]

Actually banks will bitch about having to comply with FATCA but will do it anyway.

OH , I think they all will , but I would guess there will be less of it .

 

[ClydeCoulter]

Actually banks will bitch about having to comply with FATCA but will do it anyway.

It's hard to break habits. But when it becomes so unprofitable to be unbearable, then it will change, over time.

edit: BATCA